India's digital payment system allows people to send money, pay bills, and shop using their phones. But online payments also come with the risk of fraud and cyberattacks.
On October 25, Prime Minister Narendra Modi inaugurated the Reserve Bank of India's (RBI) new Data Centre and Cybersecurity Training Institute in Bhubaneswar, Odisha.
"Nowadays, wars are not fought with weapons alone. A nation can also be weakened by attacking its economy," PM Modi said at the inauguration.
Millions of people in India use digital payments every day. They use their phones to pay shopkeepers, transfer money and pay bills. But fraudsters can trick people into sharing their banking details. They may send fake messages, create false payment links or try to steal passwords and PINs.
Cyberattacks can also target the systems banks use to provide their services. This makes it important to keep banking systems secure.
The Data Centre will support the storage and processing of data. It will form part of the digital infrastructure needed to run banking services. On the other hand, the Cybersecurity Training Institute will train people to deal with cyber threats. It aims to improve the skills needed to protect banks and financial systems from online attacks.
People can also take a few simple steps to protect their money.
- Contact your bank immediately if money is taken from your account without your permission.
PM Modi said the focus over the past decade had been on bringing more people into the banking system. The next step, he said, is to make banking more reliable and efficient.
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